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Citing a government source, CNBC’s Beijing Bureau Chief, Eunice Yoon, reported that the mood in Beijing about reaching a trade deal was pessimistic.  

“China troubled after Trump said no tariff rollback. China thought both had agreed in principle,” Yoon tweeted out. “Strategy now to talk but wait due to impeachment, US election. Also, prioritize China economic support.”

These comments seem to be weighing on the risk appetite and ramping up the demand for safe havens. As of writing, the USD/JPY pair, which rose to a session high of 109.06 earlier in the hour, was flat on the day at 108.75.